Dogecoin price recovery of 15% is accompanied by a surge in network activity, with increased transactions, fees, and active addresses signaling higher market participation.
Currently, DOGE has risen by 15% in the last 24 hours with its value standing at $0.09766 At this time, the number of transactions has increased by 119 % and reached 16.
As can be seen from the data from IntoTheBlock, whales and institutional players are still trading, which indicates that there is optimistic news within the market.
Furthermore, the total fees within the Dogecoin network have skyrocketed at one point. The same on-chain source revealed that the fees ranged from 20,340 DOGE to 28,470 DOGE, which depicts a higher utilization of the network transaction fees. When fees go up, it means more and more people are using the network and are willing to pay more extra charges to have their transactions done faster.
Active Dogecoin addresses surge as price recovers 15%
The number of active Dogecoin addresses has jumped from 40,420 to 51,320 in the last 24 hours. This increase shows that more people are using the Dogecoin network for transactions and other activities.
Dogecoin’s price also went up by 15% on Tuesday as cryptocurrencies recovered some of Monday’s losses. On Monday, the market dropped due to fears of a recession, which started last week after a disappointing July jobs report raised concerns about the economy.
Dogecoin recently dropped to $0.08, a level last seen in February. This decline led to a 10-day losing streak after hitting a high of $0.1388 on July 27. If Dogecoin can break above its 50 and 200 daily moving averages, it might move out of its current range that started in mid-April. For now, it looks like Dogecoin is in a holding pattern as buyers gather strength for the next big move.
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